2025 年 08 月 25 日 国产算力多因素催化，AIDC 配套迎来爆发契机 推荐(维持) 投资要点 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：臧天律 | S1050522120001 | | zangtl@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 电力设备(申万) 6.6 19.5 50.1 沪深 300 5.5 12.8 31.6 市场表现 -10 0 10 20 30 40 50 60 (%) 电力设备 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电力设备行业周报：液冷柴发 板块超预期，关注云厂财报》2025- 08-12 2、《电力设备行业周报：海外巨头 CapEx 上调验证 AI 高景气度，国产 算力自主可控势不可挡》2025-08- 04 3、《电力设备行业周报：人形机器 人新品频出，WAIC2025 具身智能火 热》2025-07-29 ▌多因素催化，IDC 与算力租赁赛道迎来爆发契机 国产算力迎多重利好，投资价值凸显。产业升级上，"国产 芯片 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the advancements in the **800V HVDC** technology and its implications for the **AIDC (Artificial Intelligence Data Center)** supply architecture, highlighting a significant opportunity for domestic suppliers in China to meet overseas demand [1][2][5]. Core Insights and Arguments - **Adoption of 800V HVDC**: Nvidia plans to gradually adopt 800V HVDC to address the increasing power density in AI computing, which will lead to energy savings and reduced copper usage [1][2][4]. - **Investment Trends**: Major tech companies like Meta and Alphabet are increasing capital expenditures, indicating a strong focus on AIDC investments. Meta's capital expenditure was raised from $64 billion to $66 billion, while Alphabet's was increased to $85 billion [5]. - **Advantages of HVDC**: HVDC systems eliminate the need for AC-DC and DC-DC conversions, resulting in energy savings and reduced losses compared to traditional UPS systems [3][4]. - **Solid-State Transformers (SST)**: SSTs are being developed as future power solutions, currently in pilot testing, with potential applications in data centers and renewable energy generation. Full-scale deployment is expected to take three years [1][7][8]. - **Solid-State Battery Development**: Focus on key components such as dry electrodes and insulation materials, with significant orders already placed for equipment [9][10]. - **Photovoltaic Industry**: The solar industry is in a transitional phase, with clear price recovery trends and a recommendation to focus on silicon materials and auxiliary materials [11]. Additional Important Content - **Investment Opportunities**: Companies like McMitter, Zhongheng Electric, and Shenghong Co. are highlighted as key players in the HVDC space. In the UPS sector, companies like Kstar and Kehua Data are also noted for their technological capabilities [6]. - **Future of SST**: SSTs are expected to play a crucial role in the evolution of power supply systems, particularly in high-power AIDC applications [8]. - **Wind Power Market**: The wind power sector is showing signs of recovery, with a focus on key components and offshore wind developments, indicating strong growth potential [14][15]. - **Investment Strategy**: Current investment strategies should prioritize IDC power systems, solid-state batteries, and the photovoltaic sector, as these areas present significant growth potential [18].

Investment Rating - The report maintains a neutral investment rating for Xinyi Solar (968.HK) with a target price not specified [11]. Core Views - Xinyi Solar's H1 2025 performance met expectations, with revenue declining by 6.5% year-on-year to RMB 10.9 billion, and net profit dropping by 58.8% to RMB 750 million due to oversupply in the photovoltaic glass industry [1][2]. - The company is seeking to diversify its overseas production capacity to enhance sales of photovoltaic glass internationally, as domestic sales have been affected by price declines [4][5]. - The photovoltaic glass price has shown signs of recovery from its July lows, which could benefit the company's stock price if the industry achieves self-discipline and production cuts [5]. Summary by Sections Financial Performance - In H1 2025, Xinyi Solar's net profit decreased by 58.8% to RMB 750 million, while revenue fell by 6.5% to RMB 10.9 billion, primarily due to a decline in solar glass sales [2][5]. - The company's solar glass sales revenue dropped by 7.3% to RMB 9.47 billion, despite a 17.5% increase in sales volume, as prices fell significantly due to industry oversupply [3][4]. Production Capacity - As of June 2025, Xinyi Solar's production capacity was 23,200 tons per day, with an expected annual output of 8.14 million tons, a decrease of 10.3% from 2024 [4]. - The company has paused two production lines with a daily capacity of 1,800 tons each and is exploring overseas production options to mitigate trade barriers [4]. Market Outlook - The report highlights the importance of industry self-discipline and production cuts to stabilize prices and improve profitability [5]. - The average price of 2.0mm photovoltaic glass has increased from RMB 9.75 per square meter in July to RMB 10.5 in August, indicating a potential recovery [5].